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Rights and Liabilities of a Mortgagor

The rights and liabilities of a mortgagor under a mortgage are as under:

I. Right of mortgagor to redeem:

Section 60, Transfer of Property Act provides that at any time after the principal money has become due, the mortgagor has right on payment or tender, at a proper time and place, of the mortgage money, to require the mortgagee

  1. to deliver to the mortgagor the mortgage deed and all documents relating to the mortgaged property which are in the possession or power of the mortgagee;
  2. where the mortgagee is in possession of the mortgaged property, to deliver possession thereof to the mortgagor; and

  3. at the cost of the mortgagor either to re-transfer the mortgaged property to him or to such third person as he may direct, or to execute and where the mortgage has been effected by a registered instrument to have registered an acknowledgement in writing that any right in derogation of his interest transferred to the mortgage has been extinguished:

Provided that the right conferred by this section has not been extinguished by the act of the parties or by decree of court.

II. Obligation to transfer to third party instead of re-transference to mortgagor

Section 60 A, Transfer of Property Act provides that where a mortgagor is entitled to redemption, then on the fulfillment of any conditions on the fulfillment of which he would be entitled to require a retransfer, he may require the mortgagee, instead of retransferring the property, to assign the mortgage debt and transfer the mortgaged property to such third person as the mortgagor may direct the mortgagee and the mortgagee shall be bound to assign and transfer accordingly.

The provisions of this section do not apply in the case of mortgagee, who is or has been in possession.

III. Rights to inspection and production of documents

A mortgagor as long as his right of redemption subsists, shall be entitled at all reasonable times at his request and at his own cost, and on payment of the mortgagee’s cost and expenses in this behalf, to inspect and make copies or abstracts of or extracts from documents of title relating to the mortgaged property which are in the custody or power of the mortgagee.

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